Bega Cheese Limited (ASX:BGA) entered into an agreement to acquire Businesses and certain assets of Betta Milk and Meander Valley Dairy from TasFoods Limited (ASX:TFL) and The Van Diemen's Land Company for AUD 11 million on August 26, 2023. As part of the transaction, Bega will acquire the Betta Milk and Meander Valley Dairy brands, Betta Milk plant and equipment (P&E) and the staff in both divisions. The acquisition also includes a perpetual, royalty free licence to use the Pyengana Dairy brand for milk and cream products in Australia. TasFoods will retain the land and buildings associated with Betta Milk at Burnie site, as well as the lease associated with Meander Valley Dairy at Launceston. The transaction is conditional upon the transfer of relevant assets, licenses and IP, and employees required to operate the Betta Milk and Meander Valley businesses, transfer of material supply contracts and competition and regulatory approvals. The ACCC has advised that it wishes to conduct market enquiries before approving the transaction, which is expected to take two to three months. The net proceeds from the acquisition will be used to retire Tasfoods? existing debt as well as to fund future growth capital requirements. As of November 17, 2023, Australian Competition and Consumer Commission approved the transaction. The transaction is expected to occur before the end of this calendar year. Kidder Williams Limited acted as Financial and Addisons Lawyers as legal advisors to Bega Group.

Bega Cheese Limited (ASX:BGA) completed the acquisition of Businesses and certain assets of Betta Milk and Meander Valley Dairy from TasFoods Limited (ASX:TFL) and The Van Diemen's Land Company on December 1, 2023.